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Affordable Housing in Zip Code 08234: A Decade of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 08234 in New Jersey, which includes English Creek, contains 398 LIHTC-funded affordable housing units. All of these units are designated as low-income units. The affordable housing inventory represents approximately 2.28% of the zip code's estimated 17,433 housing units as of 2022. This indicates a commitment to providing housing options for lower-income residents in the area.
The LIHTC projects in zip code 08234 have received $4,952,088 in project tax credits, averaging $12,442 in federal funding per unit. This funding accounts for 0.66% of New Jersey's total LIHTC allocation, representing a significant investment in affordable housing for this specific area.
The development of affordable housing in this zip code spans nearly a decade. The earliest recorded project, Penny Point Park, was completed in 2014, while the most recent, Egg Harbor II Aka Atrium Apartments At Egg Harbor, was finished in 2020. The mid-2010s saw the most activity in affordable housing development, with projects such as Egg Harbor Hotel Conversion Aka Atrium Apartments in 2016 and Egg Harbor Family in 2017.
Zip code 08234 has experienced demographic changes over the past decade. The population increased from 41,792 in 2013 to 45,499 in 2022, indicating a growing demand for housing. Median income rose from $80,764 in 2013 to $82,147 in 2022, with some variability in between. These changes may have influenced the need for affordable housing options.
Racial demographics in zip code 08234 have remained relatively stable. The white population decreased slightly from 62% in 2013 to 55% in 2022. Small increases were observed in Asian, Black, and multi-racial populations. The Hispanic population has remained consistent at approximately 16-17% throughout this period.
Zip code 08234 has demonstrated consistent development of LIHTC-funded affordable housing over the past decade, with projects completed from 2014 to 2020. While the current affordable housing stock comprises a small percentage of the estimated housing inventory, it represents a significant investment in providing low-income housing options. The area's changing demographics and growing population suggest an ongoing need for diverse housing solutions, including affordable options supported by programs like LIHTC.
